The staff presented an analysis of various aspects of possible large-scale asset purchase programs, including a comparison of flow-based purchase programs to programs of fixed size. The presentation reviewed the modeling approach used by the staff in estimating the financial and macroeconomic effects of such purchases. While significant uncertainty surrounds such estimates, the presentation indicated that asset purchases could be effective in fostering more rapid progress toward the Committee's objectives. The staff noted that, for a flow-based program, the public's understanding of the conditions under which the ... (full story)